Icici Bank (IBN) AI Stock Analysis

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Icici Bank

(NYSE:IBN)

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Neutral 69 (OpenAI - 5.2)

Rating:69Neutral

Price Target:

$34.00

▲(14.94% Upside)

The score is driven primarily by strong profitability/growth and a solid balance-sheet profile, partially offset by weak operating/free cash flow. The latest earnings call supports the outlook with stable margins, healthy growth, and strong capital/liquidity, but regulatory provisioning and cost/subsidiary headwinds temper confidence. Technicals and valuation are supportive but not decisive.

Positive Factors

Profitability & margins

Sustained high margins and strong year-over-year revenue expansion indicate core banking operations and fee businesses are structurally profitable. Durable margin strength supports reinvestment, capital retention and shareholder returns, underpinning long-term franchise resilience across economic cycles.

Capital and liquidity buffers

Robust CET1 and liquidity ratios provide a durable cushion against credit stress and regulatory shocks, enabling continued lending and capital management. Strong buffers reduce refinancing risk, support regulatory compliance, and give management flexibility to pursue growth or absorb provisioning over the next several quarters.

Consistent loan & deposit growth and digital reach

Diversified, sustained domestic loan growth across retail, mortgages and business banking combined with deposit momentum and continued branch plus digital investment signals a durable distribution advantage. This supports stable funding, cross-sell potential and scalable revenue generation over multiple quarters.

Negative Factors

Weak operating cash flow

Earnings not translating into cash raises concerns about internal funding of growth and capital needs. Negative operating cash flow may force greater reliance on external financing or limit discretionary capital deployment, constraining strategic initiatives and increasing vulnerability to liquidity pressures over the medium term.

RBI-directed PSL provisioning & remediation burden

Regulatory-directed provisioning for priority-sector shortfalls creates a recurring compliance and remediation task. Remediation via PSLC/RIDF purchases or organic adjustments raises operating costs, compresses incremental returns on lending and can divert management focus from higher-return activities for several quarters.

Subsidiary profit pressures

Weakness in insurance and non-bank subsidiaries indicates diversification can dilute consolidated returns when underwriting or market conditions worsen. Persistent subsidiary losses or soft profits may drag group ROE, require capital support, and limit the bank’s ability to rely on fee income to stabilize earnings long-term.

Icici Bank (IBN) vs. SPDR S&P 500 ETF (SPY)

Market Cap

$105.92B

Dividend Yield0.85%

Average Volume (3M)6.52M

Price to Earnings (P/E)17.4

Beta (1Y)0.40

Revenue Growth10.85%

EPS Growth7.98%

CountryUS

Employees187,765

SectorFinancial

Sector Strength70

IndustryBanks - Regional

Share Statistics

EPS (TTM)0.35

Shares Outstanding3,576,234,900

10 Day Avg. Volume8,432,553

30 Day Avg. Volume6,516,230

Financial Highlights & Ratios

PEG Ratio1.30

Price to Book (P/B)3.08

Price to Sales (P/S)3.28

P/FCF Ratio12.50

Enterprise Value/Market Cap96.83

Enterprise Value/Revenue3.40

Enterprise Value/Gross Profit4.99

Enterprise Value/Ebitda10.11

Forecast

1Y Price Target

$37.50

Price Target Upside26.77% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering1

EPS Forecast (FY)1.54

Revenue Forecast (FY)$13.19B

Icici Bank Business Overview & Revenue Model

Company DescriptionICICI Bank Limited, together with its subsidiaries, engages in the provision of various banking and financial services to retail and corporate customers in India and internationally. The company operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, and Others segments. It accepts savings, salary, pension, current, trade, escrow, foreign currency, and vostro accounts, as well as time, fixed, recurring, and security deposits services. The company also provides home, car, two-wheeler, personal, gold, and commercial business loans, as well as loans against securities and other loans; business loans, including working capital finance, term loans, collateral free loans, loans without financials, finance for importers and exporters, and overdraft facilities, as well as loans for new entities and card swipes; and credit, debit, prepaid, travel, forex, and corporate cards. In addition, it offers pockets wallet; fixed income products; investment products, such as mutual funds, gold monetization schemes, initial public offerings, and other online investment services; and agri and rural business, farmer finance, tractor loans, and micro banking services. Further, the company provides portfolio management, trade, foreign exchange, locker, private and NRI banking, and cash management services; family wealth and demat accounts; commercial and investment banking, capital market, custodial, and institutional banking services; health, personal accident, fire, and motor insurance, as well as distributes general and life insurance products; and Internet, mobile, and phone banking services. Additionally, it offers securities investment, broking, trading, and underwriting services; and merchant banking, trusteeship, housing finance, pension fund management, asset management, investment advisory, points of presence, and private equity/venture capital fund management services. The company was founded in 1955 and is headquartered in Mumbai, India.

How the Company Makes MoneyICICI Bank generates revenue primarily through interest income from its lending activities, which constitutes a major portion of its earnings. The bank offers a variety of loans, including personal loans, home loans, and auto loans, charging interest based on the principal amount borrowed. Additionally, it earns fees and commissions from various services, including account maintenance, transaction fees, and wealth management services. The bank also generates income through trade finance and foreign exchange transactions, catering to corporate clients. Strategic partnerships with fintech companies and other financial institutions enhance its service offerings and customer reach, further contributing to its revenue streams.

Icici Bank Earnings Call Summary

Earnings Call Date:Jan 17, 2026

(Q3-2026)

Next Earnings Date:Apr 20, 2026

Earnings Call Sentiment Positive

Overall the call presents a constructive operating picture: healthy loan and deposit growth, solid NII growth, stable NIMs, strong capital and liquidity metrics, and improved adjusted profitability after excluding an RBI-directed one-off provisioning item. Counterbalancing this are the RBI-directed INR 12.83 billion standard provision for a PSL-related agricultural portfolio, a year-on-year decline in reported PAT, a treasury loss, continued gross NPA additions (albeit lower than prior year), a weak quarter for some subsidiaries (notably general insurance combined ratio >100 and weaker international profits), a contraction in the credit card book, and above‑trend operating expense growth (including labor-code related provisions). On balance the core franchise and balance-sheet metrics are resilient and the management presented remediation plans for the PSL issue and confidence about margin and growth momentum, so the positives modestly outweigh the negatives.

Q3-2026 Updates

Positive Updates

Core operating profit growth

Core operating profit increased 6% year-on-year and 2.5% quarter-on-quarter to INR 175.13 billion in Q3 FY2026.

Strong net interest income and stable margin

Net interest income rose 7.7% year-on-year to INR 219.32 billion while net interest margin remained stable at 4.3% (flat sequentially, up from 4.25% YoY).

Healthy loan growth across the book

Domestic loan portfolio grew 11.5% year-on-year and 4.0% sequentially; retail loans +7.2% YoY, mortgages +11.1% YoY, business banking +22.8% YoY and domestic corporate +5.6% YoY.

Deposit momentum and CASA trends

Average deposits grew 8.7% year-on-year and 1.8% sequentially; average CASA (current + savings) grew 8.9% YoY and 1.5% QoQ. Total deposits were up 9.2% YoY and 2.9% sequentially as of Dec 31, 2025.

Capital, liquidity and provisions strength

CET1 ratio was strong at 16.46% and total capital adequacy at 17.34% (including 9-month profits). Average quarter LCR was ~126%. Provisioning coverage ratio on NPAs was 75.4% and the bank held contingency provisions of INR 131 billion (~0.9% of advances).

Non-interest income and fee resilience

Non‑interest income excluding treasury grew 12.4% YoY to INR 75.25 billion; fee income rose 6.3% YoY to INR 65.72 billion with ~78% of fees from retail, rural and business banking customers.

Adjusted earnings performance (ex-RBI directed provisioning)

After excluding the INR 12.83 billion RBI-directed standard asset provision, profit before tax (ex-treasury) would have increased 6.2% YoY to INR 162.40 billion and profit after tax would have increased 4.1% YoY to INR 122.80 billion; adjusted ROA and ROE would be 2.3% and 15.5% respectively.

Branch expansion and technology investment

Branch network increased by 402 over 9 months to 7,385 branches; technology expenses were ~11% of operating expenses in the 9 months, signaling continued investment in delivery and digital capabilities.

Negative Updates

RBI-directed additional standard asset provision for agricultural PSL

The bank made an additional standard asset provision of INR 12.83 billion following RBI supervisory review for an agricultural priority sector portfolio; management estimates the underlying portfolio size at roughly INR 200–250 billion and expects to remediate or otherwise manage PSL shortfall (possible increased use of PSLC/RIDF or organic remediation).

Reported profit decline and treasury loss

Reported profit after tax declined to INR 113.18 billion from INR 117.92 billion a year ago (≈ -3.9% YoY). There was a treasury loss of INR 1.57 billion in Q3 versus prior-quarter and prior-year gains (Q2 gain INR 2.2 billion; Q3 prior-year gain INR 3.71 billion), reflecting adverse market movements.

Credit card portfolio contraction

Credit card outstanding declined 3.5% year-on-year and 6.7% sequentially (seasonal repayment after strong festive billing in prior quarter); management expects recovery but growth was muted relative to other products.

Elevated gross NPA additions and write-offs

Gross NPA additions were INR 53.56 billion (improved from INR 60.85 billion YoY but still substantial); retail & rural gross additions were INR 42.77 billion. Gross NPAs written off were INR 20.46 billion and cash NPA sales were INR 1.2 billion in the quarter.

Operating expense growth and labor-code impact

Operating expenses increased 13.2% YoY (employee expenses +12.5% YoY), including an estimated INR 1.45 billion provision related to the new labor code; cost growth outpaced many earlier periods of single-digit expansion.

Insurance and non-bank subsidiary headwinds

ICICI General combined ratio worsened to 104.5% (from 102.7% YoY) with profit after tax down to INR 6.59 billion from INR 7.24 billion; ICICI Securities PAT declined to INR 4.75 billion from INR 5.04 billion; ICICI Bank Canada profit fell to CAD 5.4 million from CAD 19.6 million YoY.

Deposit composition weakness and rising PSL compliance cost

Management noted a reduction in institutional (government/scheme) savings balances that dampened overall SA growth in recent quarters. Separately, the cost to meet priority sector obligations (PSLCs/RIDF purchases) has risen, pressuring operating costs.

Concentration in certain portfolios and small stressed pockets

Builder/real estate portfolio stood at INR 680.83 billion (4.3% of loans) with ~1.1% of that portfolio rated BB-and-below or classified as nonperforming; total fund-based outstanding to standard borrowers under resolution was INR 16.66 billion (~0.1% of loans).

Company Guidance

Management guidance was that NIMs should remain range‑bound (Q3 NIM 4.3%), with repo/MCLR repricing and some retail deposit repricing offsetting each other; loan growth momentum is expected to continue into Q4 after domestic loans grew 11.5% YoY (4.0% QoQ) and overall loans 11.5% YoY (4.1% QoQ), while average deposits rose 8.7% YoY (1.8% QoQ) and total deposits were up 9.2% YoY (2.9% QoQ); the bank will work to regularize an identified INR 200–250 billion agricultural PSL portfolio (an additional standard provision of INR 12.83 billion was taken this quarter) and maintain prudent provisioning (total provisions this quarter INR 25.56 billion; excluding the additional PSL provision INR 12.73 billion; contingency provisions INR 131 billion or ~0.9% of advances; total other provisions INR 226.57 billion or 1.5% of loans); capital and liquidity targets remain strong (CET1 16.46%, total CAR 17.34%, average LCR ~126%); credit metrics remain healthy (net NPA 0.37%, PCR 75.4%), and management reiterated a focus on risk‑calibrated profitable growth and sustainable returns after Q3 results of core operating profit INR 175.13 billion, PBT excl. treasury INR 149.57 billion (PAT INR 113.18 billion; adjusted PAT w/o extra PSL INR 122.8 billion with implied ROA 2.3% and standalone ROE 15.5%).

Icici Bank Financial Statement Overview

Summary

Profitability and growth are strong (Income Statement score 82; high margins and sharp revenue growth), and leverage/capital position appears solid (Balance Sheet score 75; manageable debt-to-equity, decent ROE). However, cash generation is a clear weakness (Cash Flow score 60; negative operating cash flow and weak free cash flow), which pulls down the overall financial performance score.

Income Statement

Very Positive

Icici Bank's income statement reveals strong profitability with a gross profit margin of 68.11% and a net profit margin of 17.32% for the most recent year. The bank has demonstrated impressive revenue growth of 106.33% over the past year, indicating a robust expansion. EBIT and EBITDA margins are healthy at 24.78% and 55.92% respectively. However, the significant increase in total revenue from the previous year might not be sustainable in the long term.

Balance Sheet

Positive

The balance sheet of Icici Bank shows a solid equity position with a debt-to-equity ratio of 0.63, reflecting manageable leverage levels. The return on equity stands at 14.77%, indicating efficient use of shareholder funds. The equity ratio is 13.07%, suggesting a stable balance between liabilities and equity. While the bank maintains a healthy leverage position, the relatively low equity ratio in comparison to total assets may pose some risk in economic downturns.

Cash Flow

Neutral

Icici Bank's cash flow statement highlights a challenging year with a negative operating cash flow, indicating cash outflows exceeding inflows from core operations. The free cash flow has decreased significantly, resulting in a negative free cash flow growth rate. The operating cash flow to net income ratio is negative, raising concerns about cash generation efficiency. Despite these challenges, the bank has managed to maintain financing activities to support operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.02T	2.95T	2.35T	1.85T	1.58T	1.61T
Gross Profit	2.05T	2.01T	1.60T	1.29T	989.30B	964.98B
EBITDA	1.01T	1.65T	635.04B	488.90B	280.08B	218.35B
Net Income	528.91B	510.29B	442.56B	340.37B	251.10B	183.84B
Balance Sheet
Total Assets	26.69T	26.42T	23.64T	19.58T	17.53T	15.74T
Cash, Cash Equivalents and Short-Term Investments	1.97T	2.38T	1.90T	1.64T	2.14T	1.82T
Total Debt	2.15T	2.04T	2.01T	1.84T	1.59T	1.40T
Total Liabilities	23.23T	23.13T	20.94T	17.37T	15.65T	14.07T
Stockholders Equity	3.30T	3.14T	2.56T	2.14T	1.82T	1.58T
Cash Flow
Free Cash Flow	0.00	773.94B	1.54T	552.00B	777.05B	1.36T
Operating Cash Flow	0.00	822.20B	1.57T	577.21B	795.97B	1.38T
Investing Cash Flow	0.00	-2.37T	-1.46T	-2.53T	-1.94T	-629.87B
Financing Cash Flow	0.00	2.06T	137.65B	1.47T	1.51T	-546.67B

Icici Bank Technical Analysis

Technical Analysis Sentiment

Negative

Last Price29.58

Price Trends

50DMA

30.37

Negative

100DMA

30.77

Negative

200DMA

31.93

Negative

Market Momentum

MACD

-0.26

Positive

RSI

42.24

Neutral

STOCH

28.19

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IBN, the sentiment is Negative. The current price of 29.58 is below the 20-day moving average (MA) of 30.24, below the 50-day MA of 30.37, and below the 200-day MA of 31.93, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 42.24 is Neutral, neither overbought nor oversold. The STOCH value of 28.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IBN.

Icici Bank Risk Analysis

Icici Bank disclosed 63 risk factors in its most recent earnings report. Icici Bank reported the most risks in the "Finance & Corporate" category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added 0 New Risks

Icici Bank Peers Comparison

Overall Rating

UnderperformOutperform

Sector (68)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PNC	75 Outperform	$87.24B	13.48	11.99%	3.11%	1.79%	30.93%
HDB	71 Outperform	$154.91B	19.41	14.06%	3.03%	-1.78%	0.65%
LYG	71 Outperform	$85.33B	19.49	8.36%	3.19%	-20.94%	-18.71%
IBN	69 Neutral	$105.92B	17.42	16.66%	0.85%	10.85%	7.98%
ITUB	69 Neutral	$92.77B	12.85	19.89%	9.77%	11.82%	3.41%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MFG	64 Neutral	$106.75B	15.97	9.14%	2.31%	-2.84%	25.48%

* Financial Sector Average

Performance Comparison

IBN

Icici Bank

29.58

1.10

3.87%

HDB

Hdfc Bank

32.31

2.30

7.67%

ITUB

Itau Unibanco

8.88

4.33

95.08%

LYG

Lloyds Banking

5.81

2.90

99.66%

MFG

Mizuho Financial

8.63

3.15

57.48%

PNC

PNC Financial

221.39

27.50

14.19%

Icici Bank Corporate Events

ICICI Bank Schedules January 17 Calls to Discuss Q3 and Nine-Month FY2025 Results

Jan 14, 2026

On January 13, 2026, ICICI Bank Limited announced that it will hold two separate conference calls on January 17, 2026 to discuss its financial results for the quarter and nine months ended December 31, 2025. A media call is scheduled for 4:00 p.m. IST, followed by an earnings call for analysts and investors at 5:00 p.m. IST, with global dial-in options provided and a commitment to post the audio recording and transcript on the bank’s website. These coordinated disclosures underscore the bank’s emphasis on transparent communication with both media and capital markets, and will give stakeholders fresh visibility into ICICI Bank’s recent financial performance and operational trajectory.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank Announces Retirement of Independent Director Neelam Dhawan

Jan 13, 2026

ICICI Bank Limited has announced that independent director Neelam Dhawan retired from the bank’s board on January 11, 2026, following the completion of her second term as an independent director. The change, disclosed under Indian listing regulations via a Form 6-K filed with the U.S. Securities and Exchange Commission on January 12, 2026, marks a scheduled board refresh rather than an unexpected departure, and may prompt the bank to further recalibrate its board composition and governance profile in line with regulatory norms and evolving stakeholder expectations.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank Completes Buyout of ICICI Prudential Pension Funds Management Unit

Jan 13, 2026

On January 12, 2026, ICICI Bank Limited announced that it has completed the acquisition of 100% shareholding in ICICI Prudential Pension Funds Management Company Limited from ICICI Prudential Life Insurance Company Limited, following earlier disclosures made on July 19, 2025, November 28, 2025 and January 6, 2026. With the execution of the share purchase agreement and completion of all formalities, ICICI Prudential Pension Funds Management Company has become a wholly owned subsidiary, consolidating the bank’s control over its pension fund management arm and potentially strengthening its position in India’s growing retirement and long-term savings market.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank Wins PFRDA Approval to Fully Acquire ICICI Prudential Pension Funds Unit

Jan 6, 2026

On January 6, 2026, ICICI Bank disclosed that India’s Pension Fund Regulatory and Development Authority (PFRDA), via a letter dated January 5, 2026, has approved the bank’s proposed acquisition of 100% shareholding in ICICI Prudential Pension Funds Management Company Limited from ICICI Prudential Life Insurance Company Limited. This follows earlier announcements on July 19, 2025 and November 28, 2025 about the planned transaction, which will make ICICI PFM a wholly owned subsidiary of the bank and designate ICICI Bank as its sponsor, subject to fulfillment of specified conditions. The move is set to consolidate ICICI Bank’s position in the pension funds segment by bringing pension fund management fully in-house, potentially enhancing strategic control over retirement-focused products and strengthening its long-term savings franchise within India’s expanding pension and retirement market.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank to Appeal ₹16 Crore GST Demand Order from West Bengal Authority

Jan 2, 2026

On December 30, 2025, ICICI Bank received an order under Section 73 of the West Bengal Goods and Services Tax Act, 2017 from the Deputy Commissioner of Revenue, West Bengal, raising a Goods and Services Tax demand of about ₹16.03 crore, including tax, interest and penalty, on services provided to customers maintaining specified minimum balances in their accounts. The bank noted that it is already litigating similar GST issues raised in past show cause notices and orders, and disclosed this development because the cumulative amount now crosses its materiality threshold; it has indicated that it will challenge the latest order through an appeal within the prescribed timelines, signaling an ongoing tax dispute that could have financial and compliance implications but is being actively contested.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank Files Japan Semi-Annual Report for April–September 2025

Dec 29, 2025

On December 23, 2025, ICICI Bank Limited filed its Semi-Annual Report for the period from April 1, 2025 to September 30, 2025 with the Director of the Kanto Local Finance Bureau in Japan, in compliance with Japan’s Financial Instruments and Exchange Law. The submission, made through Japan’s EDINET electronic disclosure system and referenced in a Form 6-K to the U.S. Securities and Exchange Commission, underscores the bank’s adherence to cross-border regulatory reporting standards and its commitment to transparency for Japanese and international investors, covering interim financial information, business conditions and other material developments up to the filing date.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank Sets January 17, 2026 Board Meeting to Review Q3 FY2026 Results

Dec 22, 2025

ICICI Bank Limited has announced that its Board of Directors will meet on Saturday, January 17, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. In line with Indian securities regulations on insider trading, the bank will impose a trading window closure for all designated persons, including directors, and their immediate relatives from January 1, 2026, to January 19, 2026, a move intended to ensure fair disclosure and prevent misuse of unpublished price-sensitive information ahead of the results announcement.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank Subsidiary ICICI Prudential AMC Lists on Indian Stock Exchanges After IPO

Dec 19, 2025

On December 19, 2025, ICICI Bank disclosed that its subsidiary, ICICI Prudential Asset Management Company Limited, completed an initial public offering in which Prudential Corporation Holdings Limited sold 48,972,994 equity shares of ICICI AMC with a face value of ₹1 each at an issue price of ₹2,165 per share, and that ICICI AMC’s shares were listed the same day on BSE Limited and the National Stock Exchange of India. ICICI Bank said it intends to retain its majority shareholding in ICICI AMC, underscoring the strategic importance of the asset management arm to the group’s overall franchise while broadening ICICI AMC’s access to capital markets and diversifying its shareholder base.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank Subsidiary ICICI Prudential AMC Files Final Prospectus for Share Sale

Dec 18, 2025

On December 17, 2025, ICICI Bank Limited reported that its subsidiary, ICICI Prudential Asset Management Company, has filed the final prospectus with the Registrar of Companies, Delhi and Haryana at 2:05 a.m. for its initial public offering. The IPO comprises an offer for sale of up to 48,972,994 equity shares of face value ₹1 each by Prudential Corporation Holdings Limited, following earlier disclosures on December 6, 2025 regarding the red herring prospectus filing and the announcement of the price band. The move advances the planned listing of ICICI AMC, which could unlock value in ICICI Bank’s asset management arm and potentially broaden its investor base, while formalizing the next step in the monetisation of its joint venture with Prudential.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank Faces ₹237.9 Crore GST Demand in Maharashtra, Plans to Contest Order

Dec 18, 2025

On December 17, 2025, ICICI Bank Limited received an order under Section 73 of the Maharashtra Goods and Services Tax Act, 2017 from the Additional Commissioner of CGST and Central Excise, Mumbai East Commissionerate, raising a goods and services tax demand of approximately ₹237.9 crore, including tax of about ₹216.27 crore and penalty of about ₹21.63 crore, plus applicable interest, relating to services provided to customers maintaining specified minimum balances in their accounts. The bank noted that it is already involved in litigation, including writ petitions, on similar issues raised in past orders and show-cause notices; as the cumulative exposure has now crossed its materiality threshold, it has disclosed the matter to investors and indicated it will challenge the latest order through appropriate legal remedies within the prescribed timelines, underscoring ongoing regulatory and tax risk around its fee and service structures.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank’s Subsidiary ICICI AMC Files for IPO

Dec 8, 2025

ICICI Bank announced that its subsidiary, ICICI Prudential Asset Management Company, has filed a Red Herring Prospectus with the Registrar of Companies for an initial public offering (IPO) of up to 48,972,994 equity shares. The IPO, scheduled to open for public subscription from December 12 to December 16, 2025, includes a reservation for eligible ICICI Bank shareholders. This move is expected to enhance ICICI Bank’s market positioning and provide stakeholders with new investment opportunities.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

ICICI Bank Announces IPO for ICICI Prudential AMC with Price Band Set

Dec 8, 2025

On December 6, 2025, ICICI Bank announced the initial public offering (IPO) of its subsidiary, ICICI Prudential Asset Management Company Limited (ICICI AMC). The price band for the IPO has been set between ₹2,061 and ₹2,165 per equity share, with a minimum bid lot of six shares. This development is a significant step for ICICI AMC, potentially enhancing its market presence and providing growth opportunities. The announcement follows the SEBI regulations and is expected to impact stakeholders by offering a new investment avenue.

The most recent analyst rating on (IBN) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Icici Bank stock, see the IBN Stock Forecast page.

Moody’s Reaffirms ICICI Bank’s Credit Ratings

Dec 3, 2025

On December 2, 2025, Moody’s reaffirmed the credit ratings of ICICI Bank’s facilities and instruments, as announced in a press release. This reaffirmation by Moody’s is significant for ICICI Bank as it reflects the bank’s stable creditworthiness and could positively impact its market positioning and stakeholder confidence.